STEEM continue to break support: Orderly Weakness

Hello Steemians, all major cyptocurrencies continue to sell off. In addition, now the global stock market have joined to the slide to the downside. So in many ways it is turning out to be a a perfect storm. In a significant way, money is leaving the "risky" assets. Real question is where is money going to go. Answer is nowhere. Bonds have no yield, interest rate on bank deposit is still net negative, Gold is meaningless except for old-fashioned people. So literally money has nowhere to go. It will come back to stocks and perhaps in crypto as well. So in my view I do not see any reason to worry.

Here is the customary look at the STEEM/USD at the time of writing :

We can observed that STEEM have now broken 2.84 support, based on the June 2017 high. The current bounce is now from 2.25. It looks safe to me now. I just say that because stock market is trying to find a bottom today. If that holds, we will sure to bring positive volume to the crypto market. STEEM is oversold, really oversold and so is basically all other crypto. So there will be a oversold bounce.

Disclaimer: This is NOT professional advice, this is all just my own opinion and experience. I am NOT a Certified Financial Adviser. Consult professionals for any financial, accounting or legal related questions you have.